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Pien Tze Huang, as a "liver-protecting magic medicine", has been repeatedly "hyped up" in the capital market and the market and pushed to the "altar". In July 2021, Pien Tze Huang's share price reached a record high, exceeding 490 yuan per share.
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As of yesterday's close, Pien Tze Huang reported 257.96 yuan per share, the stock price was almost halved, and the market value evaporated by about 150 billion yuan; on the market, the second-hand price of Pien Tze Huang had dropped from 1,600 yuan to 400 yuan, and it was no longer hard to find a grain.
At the same time, the third quarterly report showed that Pien Tze Huang experienced a year-on-year decline in its single-quarter net profit for the first time since 2016.
Recently, Pien Tze Huang (600436.SH) ushered in the bad news that the third-quarter revenue and net profit fell year-on-year after the second-hand price and stock price plummeted.
On October 31, a clerk from the Pien Tze Huang Experience Center told the Red Star Capital Bureau that the store has basically not been out of stock since the beginning of this year.
At the same time, scalpers are also selling at reduced prices.
The Red Star Capital Bureau noticed that the decrease in the gross profit margin of Pien Tze Huang's liver disease drugs in the third quarter was not unrelated to the increase in the prices of core raw materials such as natural musk.
On October 31, the Red Star Capital Bureau contacted a staff member of Jinhui Pharmaceutical and learned that the company's natural musk is currently sold at a kilogram, and the quotation has risen to 1.3 million yuan.
In addition, reducing dependence on offline pharmacies has also become an urgent problem for Pien Tze Huang.
Relevant data shows that the channel revenue of Pien Tze Huang Experience Center accounts for about 30%, and its scale still needs to be improved.
Net profit attributable to the parent company in the third quarter fell by 17.64% year-on-year
Pien Tze Huang seems to be going downhill, especially since 2022.
On the evening of October 21, Pien Tze Huang released the third quarter report, and the poor performance quickly attracted attention.
According to the financial report, Pien Tze Huang’s revenue in the third quarter was 2.193 billion yuan, down 3.08% year-on-year; net profit attributable to the parent was 738 million yuan, down 17.64% year-on-year; non-net profit deducted was 745 million yuan, down 16.39% year-on-year.
According to Wind data, this is the first time since 2016 that Pien Tze Huang has experienced a year-on-year decline in net profit in a single quarter.
In 2021, Pien Tze Huang has been repeatedly "hyped up" in the capital market and the market as a "liver-protecting magic medicine", and the value of Pien Tze Huang in direct-sale stores of 590 yuan will also rise rapidly to 1,600 yuan.
In July 2021, Pien Tze Huang's share price reached an all-time high, exceeding 490 yuan per share.
This year, the company's revenue was 8.022 billion yuan, and the net profit attributable to the parent was 2.431 billion yuan, a year-on-year increase of 45.46% and a record high.
It was also this year that Pien Tze Huang opened its own online channels on Tmall and JD.com to increase the sales volume in order to solve the phenomenon of "one medicine is difficult to find", and said that the sales of many single products under the Pien Tze Huang series also reached a record high. .
Entering 2022, Pien Tze Huang is facing "thumping" in all aspects.
First, the stock price halved to about 230 yuan per share, and the market value evaporated by more than 150 billion yuan. Later, it fell into the public opinion that "second-hand prices fell from 1,600 yuan to 400 yuan". In addition, the financial data in the third quarter showed a year-on-year decline. Traditional Chinese medicine with a market value of 100 billion yuan The leader regained investor confidence.
The experience hall is not out of stock this year
Scalper sales pressure is high
Pien Tze Huang's pomp is no longer there, and it is fully revealed in the Pien Tze Huang Experience Hall with regular channels and prices that do not skyrocket with the market.
"We haven't run out of stock this year." On October 31, the clerk of the Chengdu Huangyuan Street store of Pien Tze Huang Experience Center told the Red Star Capital Bureau.
Hearing that the Red Star Capital Bureau was worried about Pien Tze Huang's previous shortage, the clerk only said: "Basically you can buy it every month, you can send a message to ask (me)."
The Red Star Capital Bureau has learned that in 2021, when Pien Tze Huang is not worried about sales, some Pien Tze Huang experience halls are limited to 1 capsule per person per day, and only 6 capsules per day.
On November 6th and 7th, the customer service of Pien Tze Huang Tmall and Jingdong flagship stores both told the Red Star Capital Bureau that the same user can buy up to 4 capsules within 7 days, and said that “avoid buying or hoarding goods for non-treatment purposes, and resell at higher prices. If such behavior occurs, the store has the right not to deliver the abnormal order and not to make compensation.”
This "liver-protecting magic drug" is suitable for acute hepatitis, fatty liver, alcoholic liver, tumors, and even claims to be used for daily health care. People's enthusiasm for its "investment attribute" has been reduced before, and scalpers are experiencing "goods" After the seller's market of "no worries about selling" reaches the buyer's market, it will either sell at a lower price, or sell at a high price and target buyers who are eager for a large number of goods.
On October 31, a scalper told the Red Star Capital Bureau that the tablet Pien Tze Huang in his hand needed to be sold in bundles of 20 boxes, and the price was nearly 28,000.
Now that the market is not out of stock, why is the unit price of scalpers as high as 1,400 yuan?
It said: "They limit purchases, we do not limit purchases. If you need reimbursement, the ticket can give you a higher price."
When the Red Star Capital Bureau said that the price was too high, the scalper immediately changed his statement, saying that he could apply to the boss for a price reduction, and the price reduction per unit price should be at least 100 yuan or more.
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After the Chinese patent medicine Pien Tze Huang lozenges were once hyped to thousands of yuan, and the total market value of Pien Tze Huang was once close to 300 billion yuan, the share price of Pien Tze Huang began to fall all the way.
What happened to Pien Tze Huang?
1 High cost of raw materials, natural musk 1.3 million/kg
According to the financial report, in terms of product categories, Pien Tze Huang’s gross profit margin of liver disease drugs in the third quarter decreased by 1.58 percentage points.
This is related to the increase in the prices of the two main raw materials, natural musk and natural bezoar in Pien Tze Huang.
In August this year, after Pien Tze Huang disclosed the semi-annual report, a person from Jinhui Pharmaceutical Company revealed to the media that the price of natural musk ranged from 400,000 to 700,000 yuan, an increase of about 3-4% year-on-year. The market transaction price is more than 600,000 yuan, an increase of about 100,000 yuan compared with last year.
On October 31, the Red Star Capital Bureau contacted a staff member of Jinhui Pharmaceutical and learned that the company's natural musk is currently sold at a price of 1.3 million yuan.
In addition, since 2015, Pien Tze Huang intends to expand its self-operated channels and reduce its dependence on offline pharmacies.
Pien Tze Huang has successively built Pien Tze Huang experience stores and opened its own channels on Tmall and JD.com, but it has not yet gotten rid of its dependence on offline pharmacies.
According to "Chinese Entrepreneur" magazine, the relevant data shows that the channel revenue of Pien Tze Huang Experience Center accounts for about 30%, and its scale still needs to be improved.
2 The cosmetics sector to be spun off and listed failed to meet expectations
In addition, the Red Star Capital Bureau noticed that in the performance of Pien Tze Huang's products in the first three quarters, the gross profit margin of the cosmetics and daily chemical industries decreased the most, reaching 9.39 percentage points.
In this regard, Pien Tze Huang said that in the future, it will promote the upgrading of Pien Tze Huang's cosmetics industry, and strive to create a core series of popular products.
In fact, the “Cosmetics, Daily Chemicals” segment is the segment with the highest gross profit margin in Pien Tze Huang except for the “pharmaceutical manufacturing industry”, and it is also the direction of Pien Tze Huang’s key transformation in recent years.
Pien Tze Huang's cosmetics business is mainly carried out through its holding subsidiary Fujian Pien Tze Huang Cosmetics Co., Ltd. ("Fujian Pien Tze Huang" for short), which has several brands such as "Pien Tze Huang" and "Queen", covering skin care and cleaning products.
The daily chemical business is mainly realized through the holding subsidiary Zhangzhou Pien Tze Huang Shanghai Jahwa Oral Care Co., Ltd. Its products focus on "clearing fire", covering toothpaste and mouthwash categories, hoping to build the first brand of oral clearing.
Although the revenue of the cosmetics sector accounts for only about 10%, according to the 2021 annual report, Pien Tze Huang has been promoting the spin-off and listing of its cosmetics companies, hoping to enter the fast lane of the cosmetics market.
Pien Tze Huang mentioned that in 2021, the selection and preliminary due diligence of the listing sponsor of the holding subsidiary Fujian Pien Tze Huang will be completed, and the equity transfer and asset delivery of other affiliated subsidiaries will be promoted in accordance with the independence and normative requirements of IPO companies.
From the perspective of performance, in the four years from 2018 to 2021, Fujian Pien Tze Huang’s revenue was 274 million yuan, 430 million yuan, 611 million yuan and 685 million yuan respectively, and the net profit in the same period was 42.46 million yuan and 80.94 million yuan. yuan, 114 million yuan and 134 million yuan, growing steadily.
However, the situation changed in the first half of 2022: Fujian Pien Tze Huang achieved a revenue of 290 million yuan and a net profit of 72 million yuan. Compared with the same period last year (revenue of 359 million yuan and net profit of 98 million yuan), both indicators declined. , did not meet market expectations.
Red Star News reporter Deng Lingyao intern reporter Tang Jian intern Huang Shimin comprehensive 21st century economic report